The following are transactions of O.U.T Law Office for the period:

a. Atty. O.Tal invested the following in his newly opened Law office:

Cash

Office Equipment

60,000

40,000

b. The Law office purchased supplies, 5,000 cash.

c. The Law office paid rent of the office, 3,000.

d. Rendered services to clients on cash basis, 100,000.

e. Paid the salary of the office secretary, 4,500. The amount is net of 300 withholding tax and 200

SSS Premium.

f. Rendered services to clients:

Open Accounts

Promissory Note

50,000

150,000

g. Purchased office equipment, 20,000, 40% down, balance on open account.

h. Collected 20,000 of the accounts receivable.

i. Paid 2,000 of the accounts payable.

j. Paid electric bill of 1,000 and telephone bill of 1,200.

Required:

1. Using the following chart of accounts, journalize the following transactions.

CHART OF ACCOUNTS

ASSETS

000 Cash

001 Accounts Receivable

002 Notes Receivable

003 Unused Office Supplies

004 Office Equipment

LIABILITIES

100 Accounts Payable

101 Notes Payable

102 Withholding Tax Payable

103 SSS Premium Payable

EXPENSES

300 Rent Expenses

301 Salaries Expenses

302 Withholding Tax

303 SSS Premium

304 Utilities Expenses

CAPITAL

200 Atty. O. Tal, Capital

REVENE

400 Service Revenue

2. Post the above transactions directly to the ledger and extract the balance.

3. Prepare the unadjusted trial balance.

4. From the trial balance, assign values to the following accounting elements:

a. Assets

b. Liabilities

c. Atty.O Tal, Capital

d. Revenue

e. Expenses

5. Prepare the financial statements: Statement of Comprehensive Income, Statement of Changes

in Owner's Equity, Statement of Financial Position and Statement of Cash Flows.

6. Prepare the closing entries.

7. Prepare the post-closing trial balance.